In a new shift in strategy set out by CEO Tim Cook, to reach out to a broader demographic of customers across the globe, the company unveiled two new versions of its flagship iPhone this Tuesday, including a lower priced smartphone aimed at cost-conscious customers in fast growing overseas markets.

This shifting of the strategy was done to appeal to a more fragmented audience and tackle threats from low-cost competitors. With the launch of this economical device, the company will be targeting a less-affluent and a younger audience. Apple is also offering a traditional upgrade, the high end iPhone 5S, for its target audience.

The iPhone 5S will feature a new system on a chip that Apple claims will make it run twice as fast as the previous editions, and it is the company’s first-ever 64-bit smartphone. The iPhone 5S is made of aluminum and comes in gold, slate gray and silver. It also includes a fingerprint sensor for security; a new feature Apple calls the Touch ID sensor.

This sensor is built on the bottom of the handset, near the home button. The new technology can also raise privacy issues, as Apple said that their servers won’t store fingerprint data, but only the devices themselves would keep a track of data. The consumers might still want to think carefully before allowing the Apple’s App Store and their phone to gain access to such unique identifying information.

The 8-megapixel camera on the device has been redesigned with larger optics and a wider sensor. The smart device comes in five different colors and will sell at a starting price of $99 in the U.S, with a 2 year contract deal.

At Tuesday’s presentation, Tim Cook said that over 700 million iOS devices will have shipped by next month, and also invited software Senior Vice President Craig Federighi to share the iOS 7 news. But the features of the device were discussed first, which the company first revealed in June.

The new smartphone devices will be available for sale from September 20 in more than 100 countries and on 270 carriers, including in the all-important China.

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@disqus_XAAi9P4EIp:disqus . You are right! In addition, the new releases are criticized by many as a result, the Apple stock had fallen by few percents. From brand like Apple, the expectations are high in terms of design and advanced technology but then the new designs and technologies don’t seem innovative.